How Smartwatches are Changing the Fitness Industry

Fit For The Future: 10 Trends That Will Transform The Fitness Industry

The future of fitness is bright, with exciting new tech trends and promising developments emerging in 2023.

Whether youre a hard-core fitness enthusiast or just looking to get a little healthier, there are plenty of options available to help you achieve your goals and live an active lifestyle.

Lets take a look at the biggest tech trends that will change the fitness industry over the next year.

Fitness in the Metaverse

Virtual and augmented reality workouts will continue to make waves in the new year as more people seek out immersive fitness experiences.

VR and AR workouts like Supernatural, Holoball, and Thrill of the Fight are not only fun and engaging, but theyre making exercise more accessible for people with disabilities or mobility issues.

This year, we'll also see progress on devices like cutting-edge AR contact lenses, which could provide heads-up fitness displays during workouts. Mojo Vision is currently developing augmented reality contacts and is working with companies like Adidas, Trailforks, Wearable X, and 18 Birdies to figure out the best use cases and interfaces for this new tech.

IoT-Enabled Fitness Devices

Wearable technology like smartwatches and fitness trackers have been around for a while, but the next generation of wearables set to debut in 2023 will be even more advanced. The market for IoT-enabled health devices is expected to reach a value of $267 billion by 2023.

Wearables and sports apparel like smart shoes and socks can collect biometric data on body movement, distance traveled, muscle stretch, and heart rhythm to help people enhance and personalize their home workouts.

Well continue to see the integration of artificial intelligence and machine learning into fitness wearables in 2023. AI can enable wearables to provide more personalized and accurate recommendations and feedback, helping users optimize their workouts and achieve their fitness goals.

Gamified Fitness

Gamified fitness uses video game-like elements like points, badges, leaderboards, and rewards to motivate and engage users.

There are many gamified fitness programs and apps available, including fitness trackers, that allow users to compete with friends and relatives and earn rewards for reaching goals.

eSports a type of competitive gaming are also growing in popularity, with professional teams and leagues cropping up all over the world. Look for tournaments that feature eSports like fighting games, strategy games, first-person shooters, and more.

Personalized Fitness

Artificial intelligence-powered fitness apps can now provide customized workout recommendations based on an individual's physical and health levels, as well as personal fitness goals.

These recommendations may include the type of workout, level of difficulty, number of reps, or length of workout. AI-powered personal training apps like Gymfitty and ArtiFit offer smart workouts that adapt in real-time to the user's specific needs.

The emerging field of exercise and wellness genetics will also continue to expand in 2023. You can now get a DNA analysis that provides personalized health and fitness recommendations based on your specific genetic differences in metabolism, muscle mass, endurance response, and optimal diet type.

Home Fitness

Millions of people invested in high-quality home fitness equipment during the pandemic, and the interest in working out at home has continued since then.

Advanced home fitness equipment now includes features like cameras, touch screens, motion sensors, and access to trainers and online classes.

Gyms and studios are also using a hybrid model to offer classes to people who want to choose whether to work out in person or at home.

Biohacking

Biohacking, a do-it-yourself biology practice aimed at improving health, performance, and well-being through strategic intervention, will continue to be popular in the new year.

For example, one form of biohacking called nutrigenomics focuses on how the food you eat interacts with your individual genes. Using this type of biohacking, people try to map out and optimize how different nutrients affect the way they think, feel, and behave.

More extreme biohackers modify their bodies using technology like magnets, chips, or computers embedded under their skin. This year, well be seeing more biohackers finding ways to increase fitness using these implanted devices.

Holistic Health

Another trend is the growing emphasis on holistic wellness and the importance of emotional and mental health.

As a result, we will likely see more fitness programs that focus on stress management, mindfulness, and nutrition coaching in addition to traditional workouts.

Fitness wearables can now track sleep patterns, stress levels, and other indicators of mental health, then provide personalized, holistic recommendations and resources to help people manage their individual issues.

The Experience Economy

As part of the experience economy, more fitness clubs are shifting from selling physical products to selling services and experiences. Companies are focusing on creating unique, meaningful, and memorable experiences for customers in order to stand out from their competition.

For example, Flywheel now offers competitive cycling experiences in their classes that feature stadium-style studios, leaderboards that enable you to compete with classmates, and the ability to customize your resistance and revolutions.

Orange Theory offers group classes in their in-person studios that feature OTbeat, an exclusive heart rate monitoring technology that lets members see real-time data during their workouts.

Fitness for Older Generations

As the baby boomer generation ages, many companies are focusing on helping seniors stay fit. Virtual and augmented reality offers the possibility of working out from anywhere, at any level, as seniors bodies change and people face age or health-related limitations.

Smartwatches and wearables can also provide personalized workout recommendations and even send fitness and diet information to health providers. This can help healthcare practitioners coordinate care with virtual health monitoring.

Time-Optimized Fitness

Were all short on time, and the busier we are, the less time we seem to have for working out.

One big trend well see in 2023 is the continued popularity of shorter, optimized workouts and classes that are designed to be efficient and effective in a short amount of time.

These types of time-optimized fitness programs will include things like high-intensity interval training (HIIT) and circuit training routines that combine strength and cardio exercises. Some time-optimized fitness programs also incorporate technology, like wearable fitness trackers or virtual reality workouts, to optimize workout efficiency.

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Smartwatch Market Size, Share & Industry Analysis, By Operating System (iOS, Android, and Others), By End-User (Male and Female), By Application (Running, Checking Notifications, Swimming, Cycling, and Others), and Regional Forecast, 2024-2032

The global smartwatch market size was valued at USD 29.31 billion in 2023 and is projected to grow from USD 33.58 billion in 2024 to USD 103.61 billion by 2032, exhibiting a CAGR of 15.12% during the forecast period.

The growing consumer inclination toward technological devices owing to incredible attributes to help simplify their life has a significant contribution toward spiking the product usage. The device comes with multiple positive aspects, including navigation, fitness tracking, notification checking, and others, which helps users of various needs from athletes and tech enthusiasts to regular users. Nowadays, key brands are offering innovative wristwatches to influence people to buy such items. These brands efforts will offer newer market growth opportunities. For instance, in August 2022, Xiaomi, a Chinese manufacturer of consumer electronics products, launched their new series of smartwatches S1 Pro, with Real Time OS (RTOS) and several advanced features.

In addition, the COVID-19 pandemic had a notable impact on the smartwatch market. Lockdown measures and social distancing protocols led to temporary closures of retail stores and reduced foot traffic in shopping malls, affecting the sale of smartwatches through traditional retail channels. However, despite the challenges, the pandemic also highlighted the importance of health and fitness tracking, driving demand for smartwatches with advanced health monitoring features. Consumers became more conscious of their health and sought wearable devices that could track metrics such as heart rate, activity levels, and sleep patterns and even detect potential COVID-19 symptoms.

Smartwatch Market Trends

Shifting Focus of Key Brands toward Kids to Spike the Development

Key companies in the industry are increasingly shifting their attention toward kids by increasing the manufacturing of products that are designed to specifically target them. This is expected to drive the market growth. The growth is due to a large number of parents becoming increasingly aware of how it could help enhance the lives of their children by allowing them to be more physically active. For instance, June 2021 witnessed the launch of the GOQii smart vital junior wristwatch. The watch was specifically designed for kids and comes equipped with 18 activity modes.

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Smartwatch Market Growth Factors

Growing Popularity of Fitness among Youth and Urban Population to Reinforce Market Progression

The growing popularity of fitness in youth and increasing adoption of fitness tracking devices among them is expected to help surge the consumption of such products. The escalating rise of the urban population across the globe is likely to propel the need for the product as they are more exposed to and aware of the multiple types of smart devices. For instance, according to the United Nations (UN), in September 2021, it has been estimated that ~56.61% of the worlds population will dwell in urban areas and is expected to increase to 68% by 2050.

High Spending Power of Developed Economies to Fuel the Product Demand

The high consumer expenditure of the developed economies has played an essential role in spiking the product's sales owing to its ability to help boost the spending on smart devices, including smart wearables. Additionally, growing production of kids smartwatches by companies will support the market growth. Moreover, countries of the European Union possessing a high per capita income are also acting as a propelling factor that is driving the market development. It is due to the fact that high per capita income could encourage more consumers to intensify their shopping for smart wearables. For instance, as per data published by Trading Economics, in December 2021, the GDP per capita recorded USD 115,683 in Luxembourg, followed by Ireland at USD 102,496 and Switzerland at USD 71,033 in the same year.

RESTRAINING FACTORS

Presence of Substitute Products to Restrain Market Growth

The substitute products such as regular watches have a strong existence in the marketplace and hold a steady sentimental value among consumers across the globe. Traditional wristwatches, particularly those with premium designs and craftsmanship, continue to serve as substitutes for smartwatches. While smartwatches offer advanced features and functionalities, some consumers prefer the classic look and simplicity of traditional watches, which limits the potential market share for smartwatches. Therefore, inclination of a large number of high-income as well as middle- and low-income consumers toward luxury watches may hamper the market growth.

Smartwatch Market Segmentation Analysis

By Operating System Analysis

iOS to Hold the Dominant Share due to Apples Robust Market Penetration

Based on operating system, the market is segmented into iOS, Android, and others. The iOS segment is anticipated to hold the dominant market share on account of the strong penetration of Apple products made of advanced iOS operating systems in the wristwatches market worldwide. Furthermore, technological advancement in iOS operating systems is favoring the segmental growth.

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Android and others segments are also gaining traction. This is mainly due to focus on a wider range of consumers and manufacturing varieties of products that are available even for people with lower power purchasing ability.

By End-User Analysis

Male Segment is the Forefront Due to the Massive Presence of Tech Enthusiast

Based on end-user, the market is fragmented into male and female. The male segment is evaluated to be the larger market shareholder due to a large number of male population being fascinated by tech products and willing to make a higher spending as compared to women.

The women segment also witnessed a substantial growth over the past years. This is owing to key players increasing manufacturing of products specifically designed for women. For instance, in March 2021, Garmin Lily launched a women's wristwatch that even comes with a pregnancy tracker.

By Application Analysis

Significant Consumer Preference toward Running Exercise to Drive Running Segment Growth

Based on application, the market is segmented into running, checking notifications, swimming, cycling, and others. The running segment is estimated to account for a prominent market share as it is one of the most popular and easy exercising activities. Additionally, growing awareness regarding the health benefits of running among youngsters is further supporting the wristwatch demand for running purposes globally.

Besides, checking notifications, swimming, cycling, and other segments have also experienced a significant development owing to working professionals increasingly using the device for alert notifications. Also, people participating in outdoor activities, such as swimming and cycling, increasingly incorporating smart devices to help improve their skills boosted the usage in this segment.

REGIONAL INSIGHTS

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North America holds the leading share in the market, boasting a size of USD 11.33 billion in 2023. The people of this region making massive expenses on consumer units are expected to play a vital role in the market progression. For instance, in September 2021, the U.S. Bureau of Labor Statistics claimed the U.S. average yearly expenditures for every consumer unit were USD 61,334. The elderly population making high expenditure on tech products is expected to have a notable impact on the consumption rate.

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Europe is anticipated to display a significant growth owing to the low youth unemployment rate, giving end-users a higher spending ability. The trend is aided by the growing number of youth consumers being inclined toward smart wearable devices as compared to the rest of the population. In addition, the high physical activity participation rate in the European Union countries is expected to provide a vital contribution to the growing demand as it assists in monitoring and helps enhance their performance.

Asia Pacific is projected to have a vital presence in the global market. Rising disposable income across the emerging economies is likely to foster the product demand. In addition, the escalating production of affordable smart wearables, which is mainly targeting middle and lower class populations, is likely to boost the Asia Pacific smartwatch market growth. For instance, Gizmo China, in October 2021, stated that Xiaomi had launched an affordable wristwatch that comes with a slim bezel and 2.5 D glass.

South America is projected to show considerable growth owing to the escalating growth of e-commerce businesses encouraging more people to spike their expenses on smart electronic goods. For instance, according to the International Trade Administration (ITA), in 2023, Brazil, the largest economy in Latin America, has been witnessing rapid e-commerce expansion, projected to grow at a rate of 14.3%, and anticipated to exceed USD 200 billion by 2026.

The Middle East & Africa wristwatch market growth is attributed to the rising economic progress and increasing disposable spending of the population in the region. For instance, according to the World Bank, the GDP per capita of the Middle East and North Africa clocked USD 7569.1 in 2021, from USD 6491.5 in 2020.

List of Key Companies in Smartwatch Market

Key Players are shifting toward Production of Health-Related Device to Gain a Competitive Edge

The emphasis on health-related features in smartwatches contributes to raising awareness about personal health and wellness among consumers. As people become more health-conscious, there is increased demand for wearable devices that can provide insights into various aspects of health and fitness, driving the adoption of smartwatches as health monitoring tools. Therefore, companies operating in the market are progressively shifting toward manufacturing health monitoring watches. This is anticipated to help surge the sales as more consumers are increasingly putting efforts into owning a device that provides personal assistance to the users in upholding their health. In September 2021, Mobi Health News declared that the Withings band was launching its new cardiac-monitoring wristwatch in France, Germany, and the U.K. markets.

LIST OF KEY COMPANIES PROFILED:

KEY INDUSTRY DEVELOPMENTS:

• September 2022 - Apple Inc., an U.S. technology company, launched its new series of smartwatches, Series 8 and Apple Watch SE with innovative health benefit features and advanced technology.
• August 2022 Samsung Electronics, a consumer electronics company, based in South Korea, announced the launch of their new smartwatch series, Galaxy Watch5 and Galaxy Watch5 Pro, equipped with advanced and smart features, suitable for tracking health and wellness habits.
• August 2022 - Fitbit LLC, an American consumer electronics company, released a set of smartwatches, Fitbit Sense 2. The solution is equipped with sensors to track stress, heart health, and other health fitness features.
• August 2022 boAt, an India-based manufacturer of wearables products, launched its new range of smartwatches, Watch Xtend Pro and Wave Call, in-built with several advanced features, including speaker, calling tool, sports modes, HD display, and others.
• January 2022 Garmin Ltd., an American-based technology company, announced the launch of two new smartwatch series, Venu 2 Plus and Vivomove Sport.

REPORT COVERAGE

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The market research report provides a detailed analysis of the industry and focuses on key aspects such as leading companies, end-users, and key operating system. Besides this, the free sample of the report lists insights into the current market trends and highlights key industry developments. In addition to the aforementioned factors, the global smartwatch market outlooks several factors that have contributed to the growth of the market in recent years.

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Report Scope & Segmentation